Tulsa Area Foreclosures Continue to Decline

Tulsa area foreclosures continue to decline month after month. Since July, repossessions in the Tulsa area are becoming less common, continuing a general downward trend. According to RealtyTrac, there were 572 foreclosures recorded in the Tula metro area last month.

The foreclosure rate now results in one for every 716 homes, which is 3.5% below June and 28.8% below July 2011. When compared to the state of Oklahoma’s foreclosure rate, Tulsa is still much lower. There were 1,369 foreclosures throughout the state of Oklahoma, which is an increase of 5.8% for the month; however, that is down 32% for the year compare to one year ago.

The nation’s foreclosure rate is also down 3% for the month and 9.8% for the year. That’s an average of one in every 686 homes facing foreclosure. RealtyTrac also reported the decline represents a 22 start year-over-year drop since recording started.

Foreclosure patterns vary significantly from state to state, mostly depending on how dysfunctional the state’s foreclosure process is. California currently has the highest foreclosure rate in the nation with one in every 325 homes going to foreclosure.

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